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Rochester® High Yield Municipal Fund

Overview

The Strategy typically invests in high-yield municipal bonds issued across the United States.

Inception Date
November 29, 2010
Investment Style
Rochester Municipals
Fund Index
Bloomberg Barclays Municipal Index
CUSIP
683940852
NAV
  • B
(as of 08/17/2018)
$7.44
Total Assets
(as of 07/31/2018)
$6.22 BN
Gross Expense Ratio
(as of 07/31/2018)
0.88%
Net Expense Ratio
(as of 07/31/2018)
0.70%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 07/31/2018
  • C
as of 06/30/2018
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-06-30
  • D
1 yr 3 yr 5 yr since inception
Rochester® High Yield Municipal Fund (NAV)
4.88% 8.20% 6.53% 8.78% 7.41% 7.96%
Bloomberg Barclays Municipal Index
0.87% -0.25% 1.56% 2.85% 3.53% -
Cumulative
Annualized
3 mo ytd as of 2018-07-31
  • D
1 yr 3 yr 5 yr since inception
Rochester® High Yield Municipal Fund (NAV)
3.27% 8.40% 6.61% 8.70% 8.11% 7.90%
Bloomberg Barclays Municipal Index
1.48% -0.01% 0.99% 2.69% 3.76% -
Gross Expense Ratio: 0.88% | Net Expense Ratio: 0.70%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Year Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index
2011 11.89% 10.70%
2012 19.05% 6.78%
2013 -6.92% -2.55%
2014 16.16% 9.05%
2015 4.93% 3.30%
2016 5.17% 0.25%
2017 7.09% 5.45%

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Date Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index BBG Barclays Agg
7/31/2013 0.00 0.00 0.00
8/31/2013 -3.78 -1.43 -0.51
9/30/2013 -0.53 0.69 0.43
10/31/2013 0.71 1.49 1.24
11/30/2013 0.22 1.28 0.86
12/31/2013 -0.58 1.02 0.29
1/31/2014 2.86 2.99 1.78
2/28/2014 5.92 4.20 2.32
3/31/2014 6.59 4.37 2.14
4/30/2014 8.01 5.63 3.00
5/31/2014 10.94 6.99 4.18
6/30/2014 9.74 7.08 4.23
7/31/2014 10.12 7.27 3.97
8/31/2014 13.10 8.57 5.12
9/30/2014 13.43 8.68 4.40
10/31/2014 13.61 9.42 5.43
11/30/2014 14.73 9.61 6.18
12/31/2014 15.48 10.17 6.28
1/31/2015 18.34 12.12 8.51
2/28/2015 17.03 10.96 7.49
3/31/2015 16.75 11.28 7.98
4/30/2015 16.74 10.70 7.60
5/31/2015 17.52 10.39 7.34
6/30/2015 14.69 10.29 6.17
7/31/2015 15.18 11.09 6.91
8/31/2015 15.71 11.31 6.75
9/30/2015 18.08 12.12 7.47
10/31/2015 19.58 12.56 7.49
11/30/2015 20.08 13.01 7.21
12/31/2015 21.17 13.80 6.86
1/31/2016 21.98 15.16 8.33
2/29/2016 23.05 15.34 9.10
3/31/2016 24.83 15.71 10.10
4/30/2016 25.98 16.56 10.52
5/31/2016 27.64 16.87 10.55
6/30/2016 31.74 18.73 12.54
7/31/2016 32.57 18.80 13.25
8/31/2016 33.29 18.97 13.12
9/30/2016 34.44 18.37 13.05
10/31/2016 33.01 17.13 12.19
11/30/2016 26.90 12.76 9.54
12/31/2016 27.43 14.08 9.69
1/31/2017 29.35 14.84 9.91
2/28/2017 32.03 15.63 10.64
3/31/2017 36.37 15.89 10.59
4/30/2017 37.66 16.73 11.44
5/31/2017 39.51 18.58 12.30
6/30/2017 38.60 18.15 12.18
7/31/2017 38.75 19.11 12.67
8/31/2017 39.44 20.02 13.68
9/30/2017 37.91 19.41 13.14
10/31/2017 36.13 19.70 13.20
11/30/2017 34.80 19.06 13.06
12/31/2017 36.47 20.30 13.58
1/31/2018 36.87 18.88 12.27
2/28/2018 37.46 18.53 11.20
3/31/2018 40.79 18.97 11.92
4/30/2018 43.24 18.54 11.08
5/31/2018 45.49 19.90 11.88
6/30/2018 47.65 20.00 11.74
7/31/2018 47.92 20.29 11.77
Date Dividends
8/27/2013 0.0419
9/24/2013 0.0417
10/22/2013 0.0418
11/26/2013 0.0419
12/30/2013 0.0419
1/28/2014 0.0418
2/25/2014 0.0418
3/25/2014 0.0418
4/22/2014 0.0418
5/27/2014 0.042
6/24/2014 0.0418
7/22/2014 0.0418
8/26/2014 0.042
9/23/2014 0.0418
10/28/2014 0.042
11/25/2014 0.0418
12/31/2014 0.0421
1/27/2015 0.0398
2/24/2015 0.0398
3/24/2015 0.0398
4/21/2015 0.0398
5/26/2015 0.04
6/23/2015 0.0398
7/28/2015 0.04
8/25/2015 0.0398
9/22/2015 0.0398
10/27/2015 0.04
11/24/2015 0.0398
12/31/2015 0.0401
1/26/2016 0.0397
2/23/2016 0.0398
3/22/2016 0.0398
4/26/2016 0.04
5/24/2016 0.0398
6/21/2016 0.0398
7/26/2016 0.04
8/23/2016 0.0378
9/27/2016 0.0381
10/25/2016 0.0378
11/22/2016 0.0358
12/30/2016 0.0361
1/24/2017 0.0357
2/21/2017 0.0358
3/28/2017 0.036
4/25/2017 0.0363
5/23/2017 0.0364
6/27/2017 0.0367
7/25/2017 0.0344
8/22/2017 0.0344
9/26/2017 0.0347
10/24/2017 0.0343
11/21/2017 0.0323
12/29/2017 0.0329
1/23/2018 0.0321
2/20/2018 0.0313
3/27/2018 0.0317
4/24/2018 0.0314
5/22/2018 0.0314
6/26/2018 0.0317
7/24/2018 0.0314

There is no guarantee of the payment of any dividend or other distributions at any level.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 08/17/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Fixed Income Sectors

(105.6% of assets as of 07/31/2018)


Portfolio Holdings Breakdown

Asset Allocation
State
Credit Rating Allocation 7
Asset Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
Municipal 114.6% 100.0% 14.6%
Corporates 0.1% - -
State Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
New York 16.0% 15.3% 0.6%
California 13.2% 17.1% -4.0%
Puerto Rico 11.3% 0.3% 11.0%
Texas 9.9% 9.4% 0.5%
Ohio 7.6% 2.4% 5.2%
Florida 6.5% 4.4% 2.0%
Illinois 4.7% 4.6% 0.2%
Alabama 4.4% 0.9% 3.5%
Pennsylvania 3.3% 3.9% -0.6%
Wisconsin 2.6% 1.3% 1.3%
District of Columbia 2.6% 1.2% 1.4%
Michigan 2.5% 1.7% 0.7%
Colorado 2.3% 1.7% 0.7%
New Jersey 2.0% 3.8% -1.8%
Washington 1.9% 3.2% -1.4%
Indiana 1.6% 0.9% 0.7%
Arizona 1.4% 1.7% -0.3%
Connecticut 1.1% 1.6% -0.5%
South Carolina 1.1% 1.0% 0.1%
Massachusetts 1.0% 4.1% -3.0%
Credit Rating Allocation Rochester® High Yield Municipal Fund Bloomberg Barclays Municipal Index Overweight / Underweight
AAA 12.8% 22.4% -9.6%
AA 28.8% 53.6% -24.9%
A 7.1% 17.7% -10.6%
BBB 10.6% 5.0% 5.6%
BB 4.5% - -
B 7.1% - -
CCC 1.9% - -
CC 8.6% - -
C 0.2% - -
Unrated 33.1% 1.2% 31.9%
Analytics
(As of 07/31/2018)

Morningstar 07/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
154
Category
High Yield Muni
Performance Statistics
3Y
5Y
Alpha
5.63
3.22
Beta
1.08
1.31
Information Ratio
1.79
1.22
R-Squared
52.60
60.27
Sharpe Ratio
1.58
1.38
Standard Deviation
4.87
5.42
Sortino Ratio
0.73
0.67
Tracking Error
3.36
3.55
Dividends
  • E
Est. Frequency
Monthly
Last Pay Date
7/24/2018
Per Share ($)
$0.0314
12-Month Distribution ($)
$0.3896
Portfolio Characteristics
Fund
Fund Index
Average Effective Maturity
10.54 yrs
5.95 yrs
Current Duration
8.00 yrs
6.30 yrs
Turnover Ratio
29%
-
Yields
Dividend Yield (w/o sales charge)
5.15%
Standardized Yield
3.53%
Distribution Sources
  • E
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Interest Income 12/31/2017
Exposed to AMT
6.91%
Documents
  1. 1. A portion of the Fund's distributions may be subject to tax and may increase taxes for investors subject to Alternative Minimum Tax (AMT).  Capital gains distributions are taxable as capital gains. Tax treatments of the Fund's distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them.
  2. 2. Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. May invest without limit in below-investment-grade (“high yield” or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Large sector holdings may expose investors to greater volatility and special risks associated with that sector. May invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. The Fund may invest in the segment of the municipal bond market that is unrated by a Nationally Recognized Statistical Rating Organization (“NRSRO”).  Under certain market conditions, some unrated securities may trade less actively than rated securities.
  3. 3. The net expense ratio represents the Fund's gross expense ratio less certain interest and related expenses from the Fund's investment in inverse floaters, as reported in the latest prospectus. Under accounting rules, the Fund recognized additional income in an amount that offsets those expenses. the Fund's total returns and net asset values are not affected by those offsets.
  4. 4. The net expense ratio is not the result of a fee waiver or expense reimbursement.
  5. 5. Access index definitions.
  6. 6. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
  7. 7. All securities except for those labeled "unrated" have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality. The credit rating table values may not total 100% due to rounding. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund's Prospectus or Statement of Additional Information.
  8. 8. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  9. 9. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  10. A. Prior to October 1, 2001, this Fund was a non-diversified municipal bond fund that focused primarily on tax-exempt, investment-grade obligations of the State of Florida and its subdivisions and municipalities.  Therefore, performance before October 1, 2001, is not indicative of performance for any subsequent period.
  11. B. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  12. C. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
  13. D. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  14. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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